Claims management specialist Aquilo has entered into a strategic alliance with UK-based software company NCorp.
NCorp provides counter-fraud solutions based on pattern recognition and analytical technologies, said Aquilo.
NCorp's Ijen software automates the filtering of insurance claims, identifying high-risk claims for further investigation and low-risk claims for fast track handling.
The strategic alliance covers arrangements for joint marketing and revenue sharing. Both parties have agreed to exclusive arrangements relative to providing each others' core competence within the general insurance market.
Aquilo chief executive Clive Nicholls, said: “Initial work that we have conducted with NCorp provides strong evidence that its software offers a valuable way to identify high-risk claims, thereby increasing the return on investments from in depth tools such as conversational management which we provide through our partner VFM and/or the use of other investigatory facilities.
“We are excited by the opportunities to tackle fraud with our partners on a much larger scale which will clearly bring benefit to insurers, self-insured companies and policyholders who ultimately pay the price.”
Nicholls also said better screening of claims could facilitate quicker settlement of non-fraudulent claims.
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